A group of ten European banks, including ING, UniCredit, and BNP Paribas, has founded a company to launch a euro-pegged stablecoin in the second half of 2026. The initiative aims to build a strong counterweight to the United States' dominance in digital payments.

Banks form Qivalis to build a euro-pegged token

Ten major European banks announced the creation of a new entity, Qivalis, headquartered in Amsterdam, with Jan-Oliver Sell as its first CEO. Sell previously served as CEO of the crypto exchange Coinbase and worked at Binance.

The crypto consortium includes ING, KC, Raiffeisen Bank, SEB, Sella, UniCredit, BNP Paribas, CaixaBank, Danske Bank, and Deka. Despite being founded by these ten banks, Qivalis will operate independently, Sell emphasized.

The company plans to hire 45 to 50 employees over the next 18 to 24 months, with roughly one-third already onboard.

Europe responds to the rise of stablecoins

Banks are grappling with the rapid expansion of the stablecoin market and the broader growth of cryptocurrencies, which some lenders view as direct competitors. This development has pushed traditional institutions to explore ways to use Blockchain technology within their own operations.

The new euro-pegged stablecoin is intended to serve as a counterpart to a dollar-pegged version set to launch in the United States. The consortium expects strong interest from the European financial sector.

Some demand for euro-pegged stablecoins already exists. For example, Societe Generale’s crypto arm SG-FORGE launched its own euro-denominated token in 2023, but only around 64 million euros worth of tokens are currently in circulation.

Qivalis said the token will offer “near-instant, low-cost payments and settlements,” although Sell noted that the initial use case will be crypto trading. The launch is expected in early 2H 2026, with licensing expected to take between six and nine months.

Qivalis is applying for an Electronic Money Institution (EMI) license from the Dutch central bank. Regulators remain concerned that stablecoins may divert money away from the regulated banking system. ECB President Christine Lagarde has repeatedly warned that privately issued stablecoins pose risks to monetary policy and financial stability.

Meanwhile, the ECB is developing its own digital euro as a strategic alternative to private, US-dominated payment methods such as credit cards and stablecoins.

Sources:

https://www.reuters.com/business/finance/group-european-banks-announce-euro-stablecoin-plans-2025-12-02/

https://euobserver.com/eu-and-the-world/arabe842c3

https://yellow.com/news/european-banking-giants-form-qivalis-consortium-for-euro-stablecoin-launch